Germany Chocolate Market size in 2020 is estimated to be $8.2 billion, growing at a CAGR of 4% during the forecast period 2021-2026. Chocolate is produced from cocoa beans and is used in variety of desserts such as cakes, candy, and ice-cream. It is available in a solid form like a candy bar or it can be in a liquid form like hot chocolate. Rising awareness regarding dark chocolate and growing consumption of chocolates among youngsters are the major factors driving the growth of the market. Moreover, new product varieties and advancement of chocolate processing technology further enhance the overall market demand for chocolate during the forecast period 2021-2026.
Germany Chocolate Market Segment Analysis – By Product Type
Based on the Product Type, Germany Chocolate Market is segmented into White Chocolate, Dark Chocolate. The dark chocolate segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.6% during the forecast period 2021-2026. Dark chocolates contain antioxidants which are healthier making dark chocolate a healthy alternative thus contributing to the growth of this segment.
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Germany Chocolate Market Segment Analysis – By Distribution Channel
Based on the Distribution Channel, Germany Chocolate Market is segmented into Supermarkets/Hypermarkets, Convenience Stores, Retailers, Online Channels, Others. In 2020, online channels held the largest share in the Germany Chocolate Market. This is mainly owing to increasing online shopping website and rising trend of e-commerce that has helped the chocolate manufacturers to expand their customer base and increase profits thereby contributing the dominance of this segment.
Germany Chocolate Market Drivers
Rising Awareness Regarding Dark Chocolate
Increasing awareness regarding dark chocolate among consumers as it is healthier alternative since it has antioxidants is driving the market growth of this segment. Moreover, dark chocolate also helps to reduce the risk of cardiovascular diseases owing to the presence of good fats and flavonoids that are considered to lower blood pressure and bad cholesterol level which are increasing the market growth of chocolate.
Growing Consumption of Chocolates Among Youngsters
Growing consumption of chocolates among youngsters owing to increasing awareness from social websites and television channels by confectionery companies are driving the growth of the market. Moreover, chocolates are given as gifts during the festive season and contributing to the growth of chocolate market.
Germany Chocolate Market Challenges
Increasing health issue by consumption of more chocolates are challenging the growth of the market. Moreover, increasing calories and sugar level are further restraining its market growth during the forecast period 2021-2026.
During COVID-19 Pandemic, there is a worldwide shutdown that have largely affected the supply chain of food industry and in turn the chocolate industry as well. According to German Confectionery Industry, in 2020 the production facilities produced 78,825.2 tonnes of cocoa which is 16.3% less than the previous year owing to the disruptions in the supply chain and shutdown of various sales channel such as confectionery stores and department stores.
Germany Chocolate Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Germany Chocolate Market. Germany Chocolate top 10 companies are Mondelez International., Mars Incorporated, Ferrero, The Hershey Company, Nestle, Chocoladenfabriken Lindt & Sprungli AG, August Storck Kg and Yildiz Holding AS.
On 8 October 2020, Mondelez Internationl opens new cocoa technical center that helps to support the development of sustainable and resilient high-yield farming practices.
Rising awareness regarding dark chocolate and growing consumption of chocolates among youngsters is driving the market growth of chocolate.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Chocolate Market report.
Increasing health problems linked to chocolate and sweet consumption are restraining the market.
Related Reports :
A. Chocolate Confectionery Market
B. Cocoa & Chocolate Market
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